The new gTLD Program established auctions as a mechanism of last resort to resolve string contention (Competition between 2 or more applicants for TLDs).
Most string contention sets (approximately 90% of sets scheduled for auction) have been resolved through other means before reaching an auction conducted by ICANN through ICANN's authorized auction service provider, Power Auctions LLC.
It was recognized from the outset that significant funds could accrue as a result of several auctions. As such, these auction proceeds have been reserved and earmarked until the Board authorizes a plan for the appropriate use of the funds.
These proceeds are to be considered as an exceptional, one-time source of revenue. The ICANN community has now chartered a Cross-Community Working Group (CCWG) to develop a proposal(s) for eventual consideration by the ICANN Board on the mechanism that should be created to allocate the new gTLD Auction Proceeds.
This is a face-to-face meeting of the CCWG which is open to anyone interested to observe and participate in.
Starts Wednesday, March 15 • 3:15pm - 4:30pm (happening today)
Wednesday, March 15, 2017
Location: Copenhagen, Denmark
I am a new gTLD Consultant based in Paris. "New gTLD" stands for "new generic Top-Level Domains" from the ICANN new gTLD program. They are new domain name extensions such as ".consulting" (instead of ".com").